Bitcoin Price Trims Losses But Remains In Range, What Could Trigger Fresh Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	538,098,857,174	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

538,098,857,174

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	104.09	0.38%	27,629.22	29,187.39	29,187.40

Price Change

Price Change %

Current Price

Bid Price

Offer

104.09

0.38%

27,629.22

29,187.39

29,187.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
27,672.12	27,383.23	27,544.11	27,525.13	15,500.00 - 31,862.21

High Price

Low Price

Open Price

Prev. Close

52 Week Range

27,672.12

27,383.23

27,544.11

27,525.13

15,500.00 - 31,862.21

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:25:36	0.000540	27,629.23	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:25:36

0.000540

27,629.23

USD

Price x Volume	Volume	Base Symbol	Related Pairs
94,938,131.77	3,445.25	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

94,938,131.77

3,445.25

Bitcoin Price Trims Losses But Remains In Range, What Could Trigger Fresh Rally

24/03/2023 3:20am

NEWSBTC

Bitcoin price trimmed all losses and climbed above $28,000. BTC must clear the $28,500 resistance zone to start a steady increase in the coming sessions. Bitcoin is moving higher above the $28,000 resistance. The price is trading above $28,000 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally if there is a close above the $28,400 resistance zone. Bitcoin Price Eyes Fresh Rally Bitcoin price started a major downside correction after the fed increased rates from 4.75% to 5%. BTC dived below the $27,500 level before the bulls appeared near the $26,600 zone. A low was formed near $26,623 and the price started a fresh increase. It trimmed all its losses and climbed above the $27,500 resistance zone. There was a clear move above the $28,000 resistance, but the bears were again active near the $28,500 zone. A high is formed near $28,798 and the price is now correcting lower. There was a move below the 23.6% Fib retracement level of the recent wave from the $26,623 swing low to $28,798 high. Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $28,500 level. Source: BTCUSD on TradingView.com The next major resistance is near the $28,500 zone. A close above the $28,500 resistance might start another major increase. In the stated case, the price could rise towards the $29,500 level. Any more gains might send the price towards the $30,000 resistance zone. Dips Supported in BTC? If bitcoin price fails to clear the $28,500 resistance, it could start another decline. An immediate support on the downside is near the $28,000 zone and the trend line. The next major support is near the $27,700 zone or the 50% Fib retracement level of the recent wave from the $26,623 swing low to $28,798 high. Any more losses might send the price towards the $27,150 support zone. The next major support is near the $26,600 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $28,000, followed by $27,700. Major Resistance Levels – $28,500, $28,800 and $29,500.

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